Staff Reports
In a remarkable display of economic ignorance, President Biden unveiled his sky-high tax plan that hits small businesses hard, throwing a wrench into America’s economic engine. With a complete disregard for the struggles faced by Main Street entrepreneurs, the Biden administration seems hell-bent on punishing those who work tirelessly to create jobs and grow our economy.
Under this disastrous tax proposal, corporations and small businesses alike would see their tax rates skyrocket. Biden’s plan to increase the corporate tax rate from 21% to 28% is a direct attack on the very engine that drives job creation and innovation. The hardworking Americans who run small businesses will be left with fewer resources to reinvest in their companies and employees, undermining their ability to compete in a global marketplace.
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Moreover, the president’s plan includes shocking changes to capital gains taxes. By raising the rate on capital gains to a staggering 39.6%, Biden is effectively discouraging investment and stifling economic growth. This move demonstrates a complete lack of understanding about how the free market works. If entrepreneurs and investors are burdened with exorbitantly high taxes, they will have less incentive to take risks, invest in new ventures, and spur economic expansion.
It is distressing to see that President Biden has not learned from history, as high taxes have proven time and again to hamper economic growth. By imposing heavy tax burdens on businesses, the Biden administration is throttling job creation and stifling innovation. This approach is not only counterproductive but flies in the face of the very principles upon which our nation was built.
The consequences of such a misguided tax plan are dire. Small businesses, the backbone of our economy, will bear the brunt of this attack on prosperity. Many will struggle to survive, leading to higher unemployment rates and economic instability. The Biden administration’s shortsightedness is alarming, as it fails to recognize the importance of fostering an environment that empowers entrepreneurs to thrive, rather than drowning them in a sea of burdensome regulations and taxes.
It is clear that President Biden’s tax plan is not rooted in sound economic principles; rather, it is a misguided attempt to redistribute wealth and appease his progressive base. For the sake of America’s future, it is crucial that we reject this approach and instead advocate for policies that encourage investment, job creation, and economic growth. Only by unleashing the full potential of our economy can we ensure a prosperous future for all Americans.
